Thailand has a lot to offer when it comes to properties and establishments from modern hotel in Sukhumvit to its high-rise condominiums in metropolitan Bangkok. The country has undergone a construction boom for the last decade and the last few years there have been a slow but steady growth in the market.
According to a developer in the country, wealth Asians who are from countries beside Thailand have invested on apartments with a considerable amount of purchase. They quipped that the gesture is a proof that the money invested by foreigners are helping the current state of the property market in Thailand which is experiencing a slow growth.
The kingdom in Southeast Asia is currently receiving more and more buyers from various territories such as mainland China and Hong Kong. According to the president of Sansiri which is based in Bangkok, SretthaThavisin, the foreign sector will dominate the property market as there is very little scene in terms of domestic buyers.
The statement only emphasizes the fact that the possibility of selling properties from border to border in Asia and the potential risks that comes with the buyers from China is putting stress on who controls the capital. Sansiri is also hoping to have more foreign buyers as they are targeting overseas sales of around 75 per cent for 2017. They are currently on the process of launching three more offices located in China while one will be opened in Hong Kong aside from its recent expansion in Singapore in 2016.
Mr. Srettha said that it is a major business to be able to sell to foreign buyers. This is the reason why they are launching more offices in China and their first one in Hong Kong. If they don’t do something to their buyers in other borders then other companies will be able to snatch them up.
Sansiri is expecting that their sales from the previous year, 5.7 billion baht, will increase to 10 billion baht this year. They are also hopeful that despite competitions in their Sukhumvit developments such as a modern hotel in Sukhumvit, they will be able to perform as well as before.